In which of the following situations is it certain that the quantity of money demanded by the public will decrease?
A. Nominal GDP decreases and the interest rate decreases.
B. Nominal GDP increases and the interest rate decreases.
C. Nominal GDP decreases and the interest rate increases.
D. Nominal GDP increases and the interest rate increases.
C. Nominal GDP decreases and the interest rate increases.
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The production possibilities curve has a negative slope because
a. producing more of one good means producing less of the other b. efficiency declines as more of one good is produced c. consumers want to buy more of a good as its price decreases d. it becomes harder to find workers as more goods are produced e. the law of increasing costs is violated
A nation's standard of living depends on its population and labor productivity
a. True b. False Indicate whether the statement is true or false
The purchasing power parity (PPP) method
a. calculates the cost of purchasing a specific bundle of goods and services in each country and uses this measure to convert the incomes of different countries to a common currency. b. calculates how much the general price level has increased within one specific country through time. c. calculates how much the average standard of living across all countries has changed through time. d. is used when one wants to compare dollar values from today with those from more than 100 years ago.
Which of the following four-firm concentration ratios would be the best indication of a perfectly competitive industry?
A) 2 percent B) 31 percent C) 78 percent D) 100 percent E) 50 percent